Reliance Industries Ltd (RIL), India's biggest firm by market capitalisation, is drawing up plans to convert its fuel retail outlets, which were recently closed owing to unviable operations, into malls and multiplexes.
Earmarking about Rs 5,000 crore for the project, the company is planning to develop 700 to 800 properties at important locations. The company, which is promoted by Mukesh Ambani, has also approached its fuel dealers with offers to buy out the properties they own, said sources familiar with the developments.
"About 500 properties used for the fuel retail business are owned by the Mukesh Ambani group. The remaining outlets are dealer-owned and dealer-operated. The dealers, who were incurring losses due to suspension of the retail business, have approached the company to sell their properties," company sources said.
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